AAA Mmhmm tastes $100m in series B funding

Mmhmm tastes $100m in series B funding

Internet and telecommunications group SoftBank’s Vision Fund 2 led a $100m series B round for US-based video conferencing app developer Mmhmm yesterday.

The other series B participants included Abu Dhabi state-owned investment firm Mubadala Capital and venture capital firms Sequoia Capital, Human Capital and World Innovation Lab (WiL) as well as undisclosed existing investors.

Founded in May 2020 by early-stage product studio All Turtles, Mmhmm provides software tools which add virtual backgrounds and special effects to video chats and presentations on video conferencing platforms such as Zoom or video streaming services including YouTube and Twitch.

Lydia Jett, partner at SoftBank Investment Advisers, which manages Vision Fund 2, will join Mmhmm’s board of directors as part of the deal. It will use the series B proceeds for global recruitment, strengthening its technology infrastructure and creating content that demonstrates the potential of its platform.

The startup collected $31m in an October 2020 series A round led by Sequoia Capital that also featured internet company Digital Garage and Aglaé Ventures, the VC firm sponsored by diversified holding group Groupe Arnault, as well as All Turtles, which contributed $5m.

The round included Human Capital, Future Positive, Goldman Sachs, Mubadala Capital, Mistletoe, WiL, Scrum Ventures, Knife Capital and assorted individual investors in addition to $5m of venture debt financing from Silicon Valley Bank. It came after Sequoia Capital led a $4.6m seed round for the company in June that year.